Which Bike Company is the Most Valuable?

Wollongong, NSW

Bike Europe recently published a table – sourced and updated for many years by journalist Jo Beckendorff – of 45 bicycle-related companies around the world that were listed on a stock exchange as at the end of 2021.

With so much money flooding into the bike industry, more outside investors than ever are looking for opportunities and no less than 10 companies were newly listed last year.

Some of the companies on the list, for example, Michelin, are big players in the bicycle industry, but this still only forms a small percentage of their total business.

So, leaving these out of consideration and looking at a selection of companies who are exclusively or at least largely involved in the bicycle industry, how did they compare at the start of 2022?

In all cases, the market capitalisations quoted here are based upon their share price as at 1st January 2022. These are converted to Australian dollars using the exchange rate as at 4th Febuary 2022. The share price changes are comparing the price at 1st January 2022 to the price at 1st January 2021, that is, the change over exactly one calendar year.

Of course, there are some major companies you won’t see on this list because they remain in private ownership, including Trek, Specialized and SRAM.


Shimano’s shares were up 27.3%, giving a market cap of 2.83 trillion yen (A$34.24 billion) making it the most valuable specialist bike business. Historically about 80% of Shimano’s sales are in the bike industry and about 20% in fishing.


Giant rose 25.5% to TWD$129.39 billion (A$6.52 billion)

Merida closed the gap to Giant slightly, up 38.8% to TWD$97.91 billion (A$4.93 billion)

Ideal Bike Corporation is the third largest Taiwanese bike manufacturer to be listed. The name Ideal is far less known than Giant or Merida because it doesn’t make bikes under its own name, but instead for many of the world’s best known ‘European’ brands and others. It was up 51.5% to TWD$3.98 billion (A$200 million).

Some of the better known Taiwanese parts and accessories manufacturers are also listed on the Taipei Stock Exchange. Chain manufacturing specialist KMC was up 66.7% to TWD$24.88 billion (A$1.25 billion). Brake and other component manufacturer Lee Chi was up 91.2% to TWD$6.08 billion (A$306 million). Tyre manufacturer Kenda was down 11% to TWD$28.28 billion (A$1.42 billion). Its competitor Cheng Shin, who also makes Maxxis Tyres, was also down, by 18.1% to TWD$117.03 billion (A$5.89 billion) but a greater proportion of Cheng Shin production is for the non-bicycle market.

Europe & North America

Looking to the western markets, Moto and MTB apparel and safety gear brand Leatt achieved the biggest percentage rise of all, climbing 312.2% on the New York Stock Exchange to US $166.88 million (A$233.63 million).

Another safety brand, Stockholm-listed MIPS (which licences helmet technology) rose 130.5% to SEK31.07 billion (A$165 million).

Fox Factory, which makes bicycle, motorcycle and automotive suspension, rose 58.7% to US $7.06 billion (A$9.88 billion).

Indoor trainer brand Peloton had the biggest fall of all, down 75.9% to US $12.28 billion (A$17.19 billion).


Only one Australian company was on the list. BikeExchange, which floated on the ASX on 21st February 2021, fell 38.5% and has a market cap of A$45.41 million.

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